Tax Lawyer
The Practical Tax Lawyer volume 29 | number 3 | spring 2015 Succession Planning for Dental and Dental Specialty Practices William P. Prescott and Mark P. Altieri Several Simple Examples of Partnership Exchange Tax Issues (Part 2) 5 Dental and dental specialty practices continue to maintain the highest values among privately owned businesses, well ahead of veterinary, optometry, and many medical practices. As such, this article by William P. Prescott and Mark P. Altieri discusses the exit choices for dental and dental specialty practices in light of determining their value. Exit choices that the authors discuss include complete sale, hiring an associate and making the sale later, co-ownership, solo group arrangements, merger, and walking away. The authors also discuss valuation of dental practices, and they cover topics including valuation methods, asset valuation, capitalization of earnings, similar practices, verification analysis, and balancing the tax effects. Who Uses Research Tax Credits? Kreig D. Mitchell 13 One way to understand the research tax credit is to consider who typically benefits from it. IRS statistics show that the research tax credit primarily benefits manufacturers, technical consultants, and companies with in-house research projects. This article by Krieg D. Mitchell, excerpted from his ALI CLE book, Research Tax Credits, addresses the types of individuals and businesses most likely to take research tax credits, such as technical consultants, companies with in-house projects, as well as what constitutes qualified research and activities. The author also discusses qualified research expenses, how the credit is computed, and some of the rules that can put the credit at risk. Terence Floyd Cuff 23 This article addressing partnership exchange tax issues is excerpted from a course paper the author prepared for the ALI CLE Course of Study, Creative Tax Planning for Real Estate Traactions. Topics covered in this article include redemption of a partner midway through an exchange, allocation of gain from an exchange, and combined exchange and installment sales. The author’s paper covers more topics, several of which will be covered in the Summer issue of The Practical Tax Lawyer. Please contact ALI CLE for more information on this paper. Can Lawyers Learn To Be Happy? Ted David 55 Every lawyer has heard a story about a classmate or colleague who just got fed up with practicing law, developed a substance abuse problem, or burned out altogether. So is happiness even an option for lawyers? According to this article by Ted David, the answer is an unequivocal “yes.” Against a background of research into what seems to make people happy in their work and professions, the author discusses the “Golden Ratio,” the plight of the overachiever, perceptions of achievement, “happiness traps,” and the cultural factors that can lead to unhappiness in the practice of law. To purchase the online version of this issue, go to www.ali-cle.org and click on “Articles and Forms Online.” Back issues, individual articles, and forms are also available there. The Practical Tax Lawyer Joseph DiPietro, Editor Sue Cyliax, Marketing EDITORIAL BOARD Jerry August Fox Rothschild LLP, Philadelphia and West Palm Beach John Bergner Winstead, PC, Dallas, Texas ALI CLE (operating for many years as ALI-ABA) has a history of outreach to underrepresented groups in the legal community and is firmly committed to providing a welcoming environment and ensuring that the attorneys who speak and write for our organization represent the increasing diversity of our profession. We welcome suggestions for new speakers and authors to support the full participation of all of the talent in our profession. Bryan T. Camp Texas Tech University School of Law The Practical Tax Lawyer (ISSN 0890-4898) is published four times a year by ALI CLE. Michael A. Clark Sidley Austin LLP, Chicago, Illinois Publication office: 4025 Chestnut Street, Philadelphia, Pa. 19104-3099. Editorial — (215) 243-1604; circulation — (215) 243-1689. Julie A. Divola Pillsbury, San Francisco, California Publication dates: Fall, Winter, Spring, Summer. Eleanor Banister King & Spalding, Atlanta, Georgia William P. Prescott Wickens, Herzer, Panza, Cook, Batista, Avon, Ohio Vanessa A. Scott Sutherland, Washington, D.C. Bryan C. Skarlatos Kostelanetz & Fink, LLP, New York, New York Barbara Ann Sloan McLaughlin & Stern LLP, New York, New York John O. Tannenbaum Hartford, Connecticut Subscription rate: $75 a year; $59 for ABA Tax Section members. A single issue is $19. Periodicals postage is paid at Philadelphia, Pa., and at additional entry office. POSTMASTER: Send address changes to The Practical Tax Lawyer, 4025 Chestnut Street, Philadelphia, Pa. 19104-3099. Copyright © 2015 by The American Law Institute. 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